Relocation or Renovation?

renovate

Do you find yourself thinking about all the things that aren’t working for you in your home more than what is? Has all that extra space that was there when you bought the house suddenly disappeared? Has the layout somehow become all wrong? Or perhaps the list of things that need repaired or upgraded seems to be multiplying at a frightening rate. Whatever the reason may be, all signs seem to be pointing to the fact that it’s time for a change. But how do you decide if moving or remodeling is the right change? Here are a few questions to ask yourself:

How do you like your current location? 

You can always change what is inside a home, but location is something that is out of your control. Consider what you love about your current neighborhood, and how convenient and important it is to your current lifestyle. Do you enjoy the short commute to places you often go—work, school, shopping? Is the majority of your socializing done with neighbors and families in the area? How safe is the community? Does your home sit on a lot that offers a view like no other? Or the size, layout, and amenities of your yard are irreplaceable? If you find yourself not willing to sacrifice the location of your home, remodeling may be the best option.

What needs to be changed?

If a face-lift is all your current home needs, a remodel may be all you need to provide the upgraded features you desire. However, if it is more space you are seeking a renovation may be more complicated. Many homeowners have successfully expanded the size of their homes with additions and reconfigured layouts, however not every home offers the same potential. How possible is it to add the space you need to your current home? Is there room for an addition? How can the layout be improved? How does the cost of the renovation compare to the value it will add to your home? All of these things must carefully be considered. If the cons of a renovation outweigh the pros, it may be time to move to another house that can fulfill your needs.

How is the current real estate market in your area?

Selling your home and moving is not as easy as you may think; a lot of it has to do with timing. If you are struggling to decide whether you should renovate or relocate, analyze the current market to see how quickly homes are selling and for what prices. Consider how much money you will be able to make when selling your home, and if that amount will be enough to buy a home that meets the needs you need to fulfill.

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Posted on June 17, 2013, in Owning, Real Estate 101, Selling. Bookmark the permalink. Leave a comment.

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